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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Reconciliation of Beginning and Ending Balances for the Company's Fair Value Measurements Using Level 3 Inputs
A reconciliation of beginning and ending balances for the Company’s recurring fair value measurements using Level 3 inputs is as follows: 
 
Convertible Preferred Securities
(in thousands)
2019
 
2018
Assets (liabilities) at January 1,
$
7,154

 
$
7,388

New investments
1,250

 
1,086

Sales proceeds
—

 
(6,400
)
Realized gains (losses) included in earnings
—

 
3,900

Unrealized gains (losses) included in other comprehensive income
—

 
1,180

Assets (liabilities) at December 31,
$
8,404

 
$
7,154
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and 2018:
(in thousands)
December 31, 2019
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
45,682

 
$
15,683

 
$
—

 
$
61,365

Provisionally priced contracts (b)
(118,414
)
 
(68,237
)
 
—

 
(186,651
)
Convertible preferred securities (c)
—

 
—

 
8,404

 
8,404

Other assets and liabilities (d)
9,469

 
(13,507
)
 
—

 
(4,038
)
Total
$
(63,263
)
 
$
(66,061
)
 
$
8,404

 
$
(120,920
)
(in thousands)
December 31, 2018
Assets (liabilities)
Level 1
 
Level 2
 
Level 3
 
Total
Commodity derivatives, net (a)
$
37,229

 
$
(18,864
)
 
$
—

 
$
18,365

Provisionally priced contracts (b)
(76,175
)
 
(58,566
)
 
—

 
(134,741
)
Convertible preferred securities (c)
—

 
—

 
7,154

 
7,154

Other assets and liabilities (d)
5,186

 
(353
)
 
—

 
4,833

Total
$
(33,760
)
 
$
(77,783
)
 
$
7,154

 
$
(104,389
)

(a)
Includes associated cash posted/received as collateral
(b)
Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)
(c)
Recorded in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets related to certain available for sale securities.
(d)
Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1) and interest rate derivatives (Level 2).
Schedule of Summarized Information About Level 3 Fair Value Measurements
The following tables summarize information about the Company's Level 3 fair value measurements as of December 31, 2019 and 2018:
Quantitative Information about Recurring Level 3 Fair Value Measurements
(in thousands)
Fair Value as of 12/31/19
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
8,404

 
Implied based on market prices
 
N/A
 
N/A

(in thousands)
Fair Value as of 12/31/18
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Convertible preferred securities (a)
$
7,154

 
Implied based on market prices
 
N/A
 
N/A

(a) The Company considers observable price changes and other additional market data available in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.

Quantitative Information about Non-Recurring Level 3 Fair Value Measurements
(in thousands)
Fair Value as of 12/31/19
 
Valuation Method
 
Unobservable Input
 
Weighted Average
Frac sand assets (a)
$
16,546

 
Third party appraisal
 
Various
 
N/A
Real property (b)
608

 
Market approach
 
Various
 
N/A
Equity method investment (c)
12,424

 
Discounted cash flow analysis
 
Various
 
N/A
(a) The Company recognized impairment charges on long lived related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis.
(b) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets were determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company.
(c) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis.
Schedule of Fair Value of Long-term Borrowings Outstanding Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its fixed rate long-term debt instruments outstanding at December 31, 2019 and 2018, as follows: 
(in thousands)
Carrying Amount
 
Fair Value
 
Fair Value Hierarchy Level
2019
 
 
 
 
 
Fixed rate long-term notes payable
$
300,446

 
$
307,904

 
Level 2
Debenture bonds
26,075

 
25,852

 
Level 2
 
$
326,521

 
$
333,756

 
 
 
 
 
 
 
 
2018
 
 
 
 
 
Fixed rate long-term notes payable
$
261,618

 
$
256,447

 
Level 2
Debenture bonds
27,324

 
26,154

 
Level 2
 
$
288,942

 
$
282,601